Company Highlights: Key developments in the past 12 months

India is betting big on renewable energy and companies across countries and verticals are taking notice. There has been a flurry of domestic and international players trying to establish a footprint in a market that has the potential for developing 115 MW of additional renewable capacity over the next five years. Established independent renewable energy producers with access to low-cost funds are competing with private equity (PE)-backed players, diversified players, new entrants and strategic investor led-companies to win projects through the auction route, thus driving tariffs to record low levels. While on the one hand, a sizeable number of companies crossed the 1 GW mark in 2017, making them a good candidate for a capital market listing, on the other, there are players that have not been able to keep up with competition, especially in the manufacturing domain. A number of captive power players have either sold off or are in the process of selling off their wind and solar assets to independent power producers (IPPs) in order to focus on their core businesses. A snapshot of the developments pertaining to key players in the developer, manufacturer and engineering, procurement and construction (EPC) segments over the past year…

ACME Cleantech Solutions Private Limited

ACME Cleantech Solutions was incorporated in 2003 and has since then expanded its portfolio significantly. It operates in the solar segment through ACME Solar Holdings Limited and has a portfolio of around 2 GW, which it intends to take to 7.5 GW by 2019.
In October 2017, ACME Solar Holdings Limited filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise Rs 22 billion through an initial public offering (IPO) at a face value of Rs 10 per share.
In September 2017, the International Finance Corporation (IFC) approved a loan of $150 million for ACME Jaipur Solar Power Private Limited, a wholly owned subsidiary of ACME Solar, for the development of a 250 MW solar project at the Rewa Solar Park in Madhya Pradesh.
In July 2017, Piramal Finance sanctioned an additional funding of Rs 7 billion for ACME Solar Holdings Limited through its corporate finance group. This was the second tranche of funding to ACME Solar Holdings. Prior to this, Piramal Finance, in partnership with APG Asset Management, had provided a funding of Rs 4.99 billion.
In May 2017, ACME Solar won a 200 MW project in an auction for setting up capacity at the Bhadla Solar Park Phase III.
In February 2017, ACME had bid a record low tariff of Rs 2.97 per kWh to build a 250 MW plant in Rewa. The power purchase agreements (PPAs) for the project were signed with Madhya Pradesh Power Management Corporation Limited (MPPMCL) and the Delhi Metro Rail Corporation (DMRC).

Adani Power Limited

Adani Power Limited, a part of the Adani Group, is involved in conventional and renewable power generation. It has installed the world’s largest single-location solar photovoltaic (PV) manufacturing plant.
In October 2017, Adani Power won the rights to develop a 50 MW wind power project in an auction conducted by the Solar Energy Corporation of India (SECI) for 1 GW of wind power projects. In the same month, it agreed to set up plants at a renegotiated tariff of Rs 4.95 per kWh for projects greater than 25 MW of capacity and Rs 5.16 per kWh for those under 25 MW for a project it had won earlier in Jharkhand.
In September 2017, Adani Power gave a contract to Inox Wind to install 50 wind turbines of 2 MW each at a 100 MW wind project site in Kutch, Gujarat.
Adani Power commissioned five solar projects of 10 MW each in June 2017 in Mahoba, Uttar Pradesh. The projects were developed under the National Solar Mission (NSM) at a cost of Rs 3.15 billion.
In April 2017, the company procured single-axis PV trackers from NEXTracker for a 105 MW solar project.
In January 2017, it won 50 MW of capacity under SECI’s 100 MW solar PV tender for projects to be set up in the Ananthapuramu Solar Park under the domestic content requirement (DCR) category of the NSM.
In December 2016, the Adani Group announced the completion of the Kamuthi solar power project in Tamil Nadu. The 648 MW plant covers almost 4 square miles and comprises 2.5 million solar modules. The plant was built at a cost of $679 million and was completed in eight months.
During November 2017, Adani Green Energy Limited commissioned Punjab’s largest solar power plant of 100 MW at an investment of Rs 6.4 billion at Sardargarh and Chughe Kalan in Bathinda district. During the same month, Adani Enterprises Limited announced plans to demerge its renewable energy business into its associate company, Adani Green Energy Limited.

Amaranto Solar Power India

Part of Italy’s Amaranto Group, Amaranto Solar Power India aims to acquire 500 MW of PV projects in India by 2018. London-based Amaranto Global Asset Management has sponsored the Indian arm of the company.
In May 2017, Amaranto Solar Power India secured exclusive rights to purchase a 110 MW solar project, which was tendered by SECI at $80 million. Amaranto will act as the general contractor through its own engineering, procurement and construction (EPC) company, Energia Prima. Amaranto Solar will also act as the co-investor and industrial operator of the plant, providing operations and maintenance (O&M) and asset management services.
In December 2016, the Amaranto Group signed a 50:50 joint venture (JV) agreement with Mumbai-based solar developer CPEC Ananta to build 200 MW of solar PV projects in various states over the next three to four years.

AMPL Cleantech Private Limited

AMPL Cleantech Private Limited, a subsidiary of the Atha Group, was incorporated in 2006 and currently has over 200 MW of solar and wind power projects. The company is targeting 500 MW of solar power projects by end-2017-18 and 1,000 MW by end-2020.
In March 2017, AMPL Cleantech commissioned a 10 MW solar PV plant near Chitradurga district in Karnataka. Its other operational projects are located in Madhya Pradesh, Telangana and Karnataka.

Amplus Energy Solutions Private Limited

Amplus Energy Solutions Private Limited owns a portfolio of operational and under-construction plants of approximately 160 MW. It is backed by I Squared Capital, a global PE fund, focused on developing long-term sustainable infrastructure assets. The company specialises in rooftop solar power plants and operates on a build-own-operate-transfer (BOOT) basis.
In June 2017, the State Bank of India (SBI) announced that it would provide Rs 4 billion to private developers to finance 100 MW of grid-connected rooftop solar projects in India. Amplus was among the developers that benefited from the programme.
Amplus Energy Solutions was, in February 2017, appointed to install 1 MW of rooftop solar projects for Snapdeal at its warehouses across various locations. The project entailed an investment of around Rs 50 million for Snapdeal’s logistics arm Vulcan Express.
In January 2017, Hindustan Aeronautics Limited (HAL) commissioned a 3.5 MW solar energy project at its airport facility in Bengaluru. Amplus Solar executed the project with an investment of Rs 250 million spread across 23 acres of land. In December 2016, Amplus Solar won 14.5 MW of rooftop projects under a 500 MW tender released by SECI.

Atria Power Corporation Private Limited

A subsidiary of the Atria Group, Atria Power Corporation Private Limited has a portfolio of 46.6 MW mini-hydro and 75.1 MW wind projects. The company plans to develop 1 GW of power projects and scale up its investments to Rs 30 billion in the next five years.
In November 2016, the Atria Power Corporation awarded a turnkey order to Gamesa for a 130 MW solar project to be commissioned in Karnataka and Andhra Pradesh. The company is responsible for handling the complete value chain of design, EPC, commissioning and O&M of the project. Gamesa will supply 96 units of the E-1.37 MW hybrid cooled solar inverter.

Axis Energy Ventures India Private Limited

Axis Energy Ventures India Private Limited is the flagship energy generation company of the Axis Energy Group. The company has sanctions for 4,150 MW of projects and focuses on power generation through renewable energy. It has signed an agreement with the Andhra Pradesh government to develop 6,500 MW of renewable energy projects.
In January 2017, Axis selected Suzlon to supply and install 105 MW of wind turbines at a project site in Anantapur, Andhra Pradesh. Under the contract, Suzlon will supply 50 units of its S111 90 metre tubular tower wind turbines with a rated capacity of 2.1 MW.

Azure Power India Private Limited

Azure Power India Private Limited operates in both the solar utility-scale and rooftop solar segments and has an operational portfolio of over 1 GW. In January 2016, Azure Power launched its IPO, backed by IFC, Helion Venture Partners and German development finance institution DEG, on the New York Stock Exchange.
In October 2017, it commissioned the final phase of the 50 MW grid-connected solar project, spread across 300 acres of land in Uttar Pradesh. The project was tendered by NTPC Limited. In the same month, Azure Roof Power won a tender to develop 1.3 MW of rooftop solar capacity for the Ministry of Health and Family Welfare. Azure Power also won 260 MW of the 500 MW solar power auction in Gujarat, at a bid price of Rs 2.67 per kWh.
Indian Railways (IR) in October 2017 awarded a contract to Azure Power for a 20 MW rooftop solar project to be set up at IR’s facilities across 17 states and union territories.
In September 2017, Azure Power signed a contract with SECI to develop 50 MW of rooftop solar power capacity on government buildings and institutions across 10 states and union territories. The company also won 25.26 MW of the 67.38 MW of rooftop solar projects auctioned by Railway Energy Management Company Limited (REMCL) for IR.
Azure Power raised nearly $500 million in July 2017 through the sale of bonds to overseas investors. The issue was oversubscribed two times as investors offered to invest around $1 billion against the bond size of $500 million. In July 2017, SBI issued a loan of Rs 68.3 million to Azure Power.
In June 2017, Azure Power commissioned a 100 MW solar power plant at Andhra Pradesh’s Kurnool Ultra Mega Solar Park.
In May 2017, Hareon Solar India agreed to invest $76.6 million for acquiring a 45 per cent stake in Azure Power Thirty-Seven Private Limited, a wholly owned subsidiary of Azure Power.
Azure Power commissioned 137 MW of solar capacity in March 2017. While 130 MW of capacity is in Chitradurga, Karnataka, 7 MW of projects have been set up at defence establishments under the Union Ministry of Defence.
Azure Power completed the first phase of its 14 MW project for DMRC in January 2017. Azure Power also commissioned three solar power projects with a cumulative capacity of 150 MW in Punjab in the same month. The company won these projects under Punjab’s Solar Power Policy Phase III.
In January 2017, Azure Power won a 50 MW project in an auction by SECI for the Ananthapuramu Solar Park under the DCR category.

Bharat Heavy Electricals Limited

Bharat Heavy Electricals Limited (BHEL), which was set up in 1964, has over three decades of experience in solar PV manufacturing. It supplied 176 MW of solar modules last year.
In July 2017, BHEL received an order from Gujarat Alkalies and Chemicals Limited to set up a 15 MW solar plant at Charanka in Gujarat on an EPC basis. This was BHEL’s first ground-mounted solar PV project in Gujarat.
BHEL received an order from Power Grid Corporation of India Limited (Powergrid) in January 2017 for the augmentation of three extra high voltage substations in Karnataka on a turnkey basis. The Rs 960 million order was won under the Asian Development Bank (ADB)-funded international competitive bidding tender and is a part of the green energy-linked transmission corridor project.
In January 2017, ABB along with its consortium partner BHEL, secured orders worth Rs 57 billion from Powergrid to construct a transmission link from Rajgarh in Madhya Pradesh to Pugalur in Tamil Nadu. The project involves the construction of a 1,830 km long transmission link with 800 kV ultra high voltage direct current capacity. The transmission link will facilitate grid integration of renewable energy projects along the route and is expected to be completed by 2019.

Bhilwara Energy Limited

Bhilwara Energy Limited is the flagship company of the LNJ Bhilwara Group in the energy sector. It is the principal holding company for all the power ventures of the group.
In March 2017, Bhilwara Energy Limited planned to sell its wind power portfolio of 103.5 MW capacity. The portfolio comprises four wind power projects including two 20 MW projects in Rajasthan and two projects (49.5 MW and 14 MW) in Maharashtra. The company appointed YES Bank as the financial adviser for the transaction. HFE plans to acquire 83.5 MW of wind projects out of the total 103.5 MW of projects across two states – a 49.5 MW project in Satara and a 14 MW project in Bhendewade in Maharashtra, and a 20 MW project in Jaisalmer, Rajasthan.

Canadian Solar India Private Limited

Canadian Solar India Private Limited is the Indian arm of Canadian Solar, a manufacturer of solar PV modules.
In March 2017, Canadian Solar signed 25-year PPAs with SECI for 80 MW alternating current (AC) solar power projects in Maharashtra. The company was originally awarded the projects through competitive bidding for 450 MW (AC) capacities.
In November 2017, Canadian Solar entered into a JV with the Suzlon Group for two solar projects of 15 MW each located at Ramannapet and Kamareddy in Telangana. Canadian Solar has acquired a 49 per cent stake for an aggregate amount of Rs 264 million in Avighna Solarfarms Limited and Amun Solarfarms Limited, the special purpose vehicles set up by Suzlon for executing these two projects. According to the agreement, Canadian Solar will arrange the financing for these two projects.

Central Electronics Limited

An enterprise of the Government of India, Central Electronics Limited (CEL) was established in 1974 to commercially exploit indigenous technologies developed by national laboratories and research and development institutions in the country. CEL works independently as well as in collaboration with premier national and international laboratories, including defence laboratories.
CEL extended the bid submission deadlines for the implementation of rooftop solar projects in offices and railways. The tender notice for the 100 MW rooftop project was extended to May 4, 2017. The scope of work included site survey, design, manufacturing, supply, erection, as well as testing and commissioning, including warranty and O&M of rooftop solar systems for a period of 25 years.

Energy Efficiency Services Limited

Energy Efficiency Services Limited (EESL) is a JV of four public sector enterprises – NTPC, the Power Finance Corporation (PFC), Rural Electrification (REC) and Powergrid. EESL was founded under the Ministry of Power in 2001 and operates as a super energy service company (ESCO). It also serves as the resource centre for capacity building for state distribution companies, electricity regulatory commissions, state development authorities, upcoming ESCOs, financial institutions, etc.
In September 2017, EESL announced a global tender for the procurement of 10,000 electric vehicles (EVs) to be used by government departments and agencies. Under this, the EVs will be procured in two phases. Under Phase I, 1,000 EVs will be procured for New Delhi and the National Capital Region (NCR). Under Phase II, 9,000 EVs will be procured for use across India.
In August 2017, EESL launched a tender for 200 MW of solar projects to be developed near pooling substations across Maharashtra. The successful bidders had to provide design, engineering, supply, construction, erection, testing and commissioning services for the solar power project along with O&M for the project lifetime.
EESL tendered 300 MW of solar projects in June 2017. It also signed contracts with the Andhra Pradesh and Uttar Pradesh governments for the establishment of grid-connected solar PV-based minigrids for agricultural pump sets in these states.

Essel Infraprojects Limited

Essel Infraprojects Limited, a subsidiary of the Essel Group, operates across the solar, wind and hydropower segments. The company’s current portfolio comprises 12 solar projects (six operational), one hydro project under operation (20 projects under development) and six new wind projects. The company has an order book value of $1.5 billion. Its total project portfolio comprises 685 MW of solar, 163 MW of hydro and 560.5 MW of wind power.
During the past year, Essel Infraprojects commissioned solar power projects aggregating 55 MW. This includes a 50 MW solar plant in Jalaun, Uttar Pradesh, and a 5 MW solar plant in Bijapur, Karnataka. The quoted tariff and PPA duration for the Jalaun project is Rs 7.02 per kWh and 12 years. For the Bijapur project, it is Rs 5.50 per kWh and 25 years.

Fortum Finnsurya Energy

Fortum Finnsurya Energy is the Indian arm of Finnish energy company Fortum. The company entered the Indian market in 2013 with the acquisition of a 5 MW solar power plant in Bhilwara, Rajasthan. Soon after, the company set up a 10 MW greenfield solar plant in Kapeli, Madhya Pradesh.
Fortum has commissioned a 70 MW solar plant at the Bhadla Solar Park. The company won the contract in a reverse auction in January 2016 and signed the PPA with NTPC Limited. Fortum currently has 85 MW of solar capacity in the country, with three solar power plants in Rajasthan and Madhya Pradesh.

Greenko Energies Private Limited

The Greenko Group’s renewable energy portfolio comprises wind, biomass and run-of-the-river hydro projects as well as conventional energy projects, including those based on natural gas. The company has over 2.7 GW of capacity under operation, and has 800 MW of projects under construction.
While the full commissioning of the 1 GW Kurnool Ultra Mega Solar Park was delayed from April 2017 to July 2017, Greenko, which was allotted 500 MW of capacity, completed its project on time.
In December 2016, Germany-based solar inverter manufacturer SMA Solar Technology AG secured an order for 616 MW of inverters from Greenko Energies Private Limited. Greenko will use the SMA Sunny Central 1000CP XT inverters for solar power plants in Karnataka and Andhra Pradesh.

Gujarat Industries Power Company Limited

Gujarat Industries Power Company Limited (GIPCL), which was incorporated in 1985 as a public company, is involved in electrical power generation. The company operates in both the renewable energy and the conventional energy sectors. GIPCL’S total project portfolio comprises 929.4 MW of capacity. As of March 2017, the company had 112.4 MW of wind power projects across Gujarat.
Vikram Solar commissioned two projects of 40 MW each at the Charanka Solar Park for GIPCL in September 2017. These projects were developed under the Gujarat Solar Park Projects, NSM Phase II Batch IV Tranche I. SECI provided the viability gap funding (VGF) for these projects. The company will also provide O&M services for 10 years.
In July 2017, GIPCL tendered 200 MW of wind capacity to be developed in Gujarat on a turnkey basis. Single bidders had a minimum of 25 MW and a maximum of 200 MW capacity at a single site or multiple sites of their choice.
In April 2017, GIPCL commissioned a 21 MW wind project at the Kuchhdi wind farm located in Porbandar, Gujarat. The project consists of 10 turbines of 2.1 MW each. The Gujarat Energy Development Agency (GEDA) has issued the certificate of commissioning for the same.
GIPCL signed a PPA with Gujarat Urja Vikas Nigam Limited for 27.3 MW of wind power capacity in February 2017. This was a part of the 50.4 MW capacity being set up by the company at the Kuchhdi wind farm.
GIPCL commissioned two wind turbine generators (WTGs) of 1.5 MW each at Kotadapitha village in Amreli, Gujarat, in December 2016. The certificate of commissioning was issued by GEDA. Earlier in November 2016, GIPCL had commissioned two WTGs of 2.1 MW each at the Nakhatrana wind farm in Kutch, Gujarat.

Hartek Power Private Limited

Incorporated in 2007, Hartek Power Private Limited is a part of the Chandigarh-based Hartek Group. The company has quickly grown its portfolio across the energy value chain, with solutions for the power, furnace oil, solar energy and manufacturing industries. The company completed 300 MW of solar grid connectivity in 2016 as well as one of Andhra Pradesh’s largest solar projects.
The company connected 270 MW of solar power projects to the grid during April-December 2016 on an EPC basis. These include a 150 MW project in Muktsar, Punjab, a 70 MW project in Mahoba, Uttar Pradesh, and a 50 MW project in Itagi, Karnataka.

Hero Future Energies Private Limited

The Hero Group entered the Indian renewable energy market with Hero Future Energies Private Limited (HFE) in 2013. The company has a wind power project pipeline of over 1,000 MW as well as 500 MW of solar projects. At present, its total installed capacity stands at 360 MW, with 200 MW of wind projects under construction and another 250 MW under development. In the solar segment, 300 MW of projects are under construction and over 200 MW of projects are under development.
In February 2017, HFE bid to set up a capacity of 150 MW under SECI’s 1 GW tender for wind power projects. The companies that bid for setting up 250 MW of projects each in Tamil Nadu included Inox Wind, Mytrah, Sembcorp and Leap Green. Gamesa and Adani had also bid for setting up capacity of 150 MW each in the state.
HFE raised $125 million in equity infusion from IFC in January 2017. The proceeds will be used by Hero to fund the construction of solar and wind power plants. Earlier, in December 2016, Hero Solar Energy won 13.2 MW of rooftop solar projects in SECI’s auction for 500 MW of rooftop projects.

Hindustan Power Projects Private Limited

The renewable energy arm of Hindustan Power Projects Private Limited (HPPPL) has developed solar farms across the country and globally. The company has a cumulative installed capacity of around 600 MW and aims to commission 2 GW by end-2017. It installed India’s first solar power plant of 5 MW.
In April 2017, Macquarie Infrastructure and Real Assets, managed by Australia’s Macquarie Group, was in talks with HPPPL to acquire 320 MW of its solar power assets for about Rs 19.4 trillion. The sale of these assets will help HPPPL reduce its debt obligations and fund the development of renewable energy projects.
During the same month, HPPPL commissioned a 50 MW solar plant in Punjab under Phase III of the Punjab Solar Policy. The Rs 3.25 billion contract was won by the company in 2016 at a tariff of Rs 5.98 per kWh. A 25-year PPA was signed with Punjab State Power Corporation Limited for the sale of power.

IL&FS Energy Development Company

IL&FS started its energy business in 2008 through its subsidiary IL&FS Energy Development Company Limited (IEDCL), with the objective to develop, own and operate power generation and transmission assets in India and abroad. Maintaining a 50:50 balance between renewable and thermal energy, IEDCL has over 3,000 MW of capacity already in operation across diverse fuel sources. An additional 15,000 MW of capacity is at various stages of development.
In June 2017, IL&FS was among the companies banned by the government from participating in rooftop solar project tenders for a year owing to its failure to furbish updated details of the projects it has executed so far. The other banned companies included Amra Raja Electronics Limited, Cleantech Synergy, Hollandia Power Solutions and Jindal Green Technologies.

Inox Wind Limited

The $3 billion Inox Group is a diversified conglomerate operating in the industrial gases, chloromethanes, refrigerants, fluoropolymers, multiplexes, wind turbine manufacturing and cryogenic engineering segments. In the renewable energy sector, the group operates primarily in the wind turbine manufacturing space. It recently exited the wind farming space.
Inox Wind won 250 MW of projects in a 1 GW wind projects auction conducted by SECI in October 2017. Wind power tariffs fell to a record low of Rs 2.64 per kWh. The winning bid for Inox was Rs 2.65 per kWh. Other winners include ReNew Power, Orange Sironj Wind Power, Green Infra and Adani Green Energy.
In September 2017, Inox Wind planned to develop a 100 MW wind power project for Adani Green Energy, a part of the Adani Group, in Kutch, over a period of six to nine months. Under the EPC contract, Inox Wind will install 50 wind turbines of 2 MW each, and provide O&M services.
In March 2017, the Inox Group agreed to sell its 260 MW operating wind farms to Leap Green Energy for an undisclosed amount. Inox Renewables, a wholly owned subsidiary of Gujarat Fluorochemicals and Inox Renewables Jaisalmer, entered into agreements for the sale of their operating wind farms to Leap Green Energy Private Limited. The company decided to exit the wind farm business and focus on its core businesses including wind turbine manufacturing.
Inox Wind won 250 MW of projects in a 1,000 MW auction of wind power projects organised by SECI in March 2017, through reverse competitive bidding. Other winners included Mytrah Energy, Green Infra and Ostro Energy, which also won 250 MW of projects each.
Inox Wind received an order from SJVN Limited for a 50 MW wind power project to be set up in Gujarat in December 2016. The project was scheduled for commissioning in November 2017. As per the order, Inox Wind will supply and install 25 units of its advanced 2 MW DFIG 113 metre rotor diameter WTGs to SJVN Limited.
In the same month, Inox Wind received an order from NTPC Limited for a 50 MW wind power project in Gujarat. The project, to be executed on a turnkey basis, was scheduled for commissioning in June 2017. Inox Wind was to supply and install 25 units of its advanced 2 MW DFIG 100 metre rotor diameter WTGs.

Jakson Engineers Limited

Power solutions company Jakson Engineers Limited entered the solar segment in 2011. The company is an EPC contractor, an IPP and a manufacturer of solar products such as PV modules and inverters. It currently has 70 MW of monocrystalline and polycrystalline module manufacturing capacity in Noida and an installed capacity of 500 MW of module mounting structures. The company has plans to increase its solar manufacturing capacity to 1.5 GW by 2020.
In August 2017, Jakson Engineers Limited, under the guidance of the Indian Railways Organisation for Alternative Fuels, developed the first 1,600 horsepower solar-powered diesel electrical multiple unit train for IR. The train has power backup and can run on battery for at least 72 hours.
The Jakson Group secured a contract to install a rooftop solar plant of 508 kWp capacity at Rashtrapati Bhavan in New Delhi in December 2016. The company will design, install, commission and maintain this plant. The project will generate about 741,000 units per year.

Larsen & Toubro

Larsen & Toubro (L&T) operates in the solar segment through its solar EPC company L&T Construction. The company has an indigenous capability to design solar PV systems, balance of systems and the requisite power evacuation systems. It operates in the grid-connected PV, concentrating solar power, microgrid and mega rooftop segments. The company’s largest project was of 40 MWp in Pokhran, Rajasthan.
L&T won a contract to supply 2.5 million smart meters to EESL in October 2017, after emerging as the lowest bidder for an international tender for procuring 5 million smart meters. L&T quoted a price of Rs 2,722 per single-phase smart meter. The price quoted by L&T was 40-50 per cent lower than the prevailing market rate.
In July 2017, IFC invested $103 million in L&T Infrastructure Finance Company by subscribing to the green bonds issued by it. L&T Infrastructure Finance, a wholly owned subsidiary of L&T Finance Holdings, will use the funds generated to provide loans to solar power projects in India.

Mahindra Susten Private Limited

Mahindra Susten Private Limited, the solar energy arm of the Mahindra Group, is a solar EPC company that offers extensive expertise in energy solutions and engineering. The company started operations in 2011 by offering turnkey EPC services for solar projects. So far, the company has commissioned over 1,090 MW of solar projects and has approximately 502 MW of projects under execution.
In October 2017, Mahindra Susten emerged as the lowest bidder in an auction conducted by the NLC India Limited for a 20 MW solar power plant with a 28 MWh battery energy storage system. The company quoted a cost of Rs 2.988 billion to develop the entire project. This includes EPC as well as O&M costs. The contracts were to be awarded after NLC’s evaluation of the viability and feasibility of the project.
The Madhya Pradesh government entered into two agreements with Mahindra Susten, ACME Solar Holdings and Solenergi Power on April 17, 2017, to develop the 750 MW Rewa Utltra Mega Solar Park. The project developers signed PPAs with MPPMCL and DMRC on April 17, 2017. Mahindra Susten, Acme Solar Holdings and Solenergi Power bid record low tariffs of Rs 2.979 per kWh, Rs 2.97 per kWh and Rs 2.974 per kWh respectively to win contracts of 250 MW each.

Mytrah Energy Limited

Mytrah Energy Limited (MEL) operates as an IPP in both the solar and wind energy segments. The company currently has 1,000 MW of operational wind capacity and another 3,000 MW is in the pipeline. MEL executes and maintains projects across 10 states.
In September 2017, MEL raised Rs 18 billion from the Piramal Group’s financial services companies. The funds are invested in the form of non-convertible debentures with a tenor of seven years. The funds will be used to refinance the company’s debt and provide an exit to some of its current investors.
During the same month, MEL won 30.87 MW of the 67.39 MW of rooftop solar power capacity auctioned by REMCL for IR. These projects will be developed across the country on premises owned by IR.
MEL won 250 MW of projects of the 1 GW of wind power projects auctioned by SECI in March 2017 through reverse competitive bidding. Other winners included Green Infra, Inox Wind and Ostro Energy, which won 250 MW of projects each.

NEXTracker

Founded in 2013, NEXTracker was acquired by Flextronics International Limited in September 2015. The company is involved in the designing and manufacturing of single-axis PV trackers. In April 2017, NEXTracker started expanding its operations in India.
So far, NEXTracker has supplied its trackers for two projects in India – a 105 MW solar project developed by Adani Power and a 30 MW solar project by CleanMax Solar. The company plans to manufacture additional structural components of its solar tracking systems in India. It has almost 20 projects, either completed or under development, in the country.

NHPC Limited

NHPC Limited was incorporated in 1975 with the objective of planning, promoting and organising integrated and efficient development of hydroelectric power. Later, NHPC expanded its scope to include the development of power through conventional and non-conventional sources in India and abroad.
In November 2016, NHPC Limited issued an EPC tender for a 50 MW grid-connected solar PV project in Tamil Nadu. The scope of work included O&M services for a period of 10 years. In July 2017, L&T won the tender at an estimated project cost of Rs 2.87 billion.
NHPC is planning to develop a 50 MW solar park in Manipur. SECI, NHPC, the Manipur State Power Distribution Company and the Manipur Renewable Energy Development Agency will be the nodal agencies for the planning and development of the project. It is likely to cost between Rs 2.5 billion and Rs 3 billion.

NTPC Limited

NTPC has been working as a nodal entity under the NSM for awarding projects to solar power developers. In addition, the PSU has been making equity investments in solar energy in an independent capacity. It has set a target to source about 11 per cent of its planned capacity of 128 GW by 2032 from renewable energy sources. The company had a very successful year in terms of tendering and implementing wind and solar power projects.
NTPC’s solar tenders include a 250 MW tender for the Kadapa Solar Park in Andhra Pradesh, a global tender for 250 MW capacity under the DCR category at multiple locations across the country, a 225 MW tender for single-block capacity in Bilhaur, Uttar Pradesh, a 241 MW tender for capacity development in Gujarat, Madhya Pradesh and Rajasthan under the DCR category, and 35 MW of solar power projects under the DCR category at NTPC Simhadri in Andhra Pradesh (20 MW) and NTPC Ramagundam in Telangana (15 MW).
The company also commissioned multiple solar power projects, including 115 MW of capacity at the Bhadla Solar Park in Rajasthan and 225 MW at Mandsaur in Madhya Pradesh.
A first of its kind, NTPC commissioned a 100 kWp floating solar plant in Kayamkulam district of Kerala, for which NTPC Energy Technology Research Alliance developed the platforms in collaboration with the Central Institute of Plastics Engineering and Technology, Chennai. In addition, NTPC’s JVs and subsidiaries tendered capacities at several locations across India. NTPC-SAIL Power Company Limited tendered a 20 MW solar project at the Durgapur Steel Plant in West Bengal, while NTPC Vidyut Vyapar Nigam Limited tendered 15.52 MW of grid-connected rooftop solar capacity under the capex model on behalf of the central PSUs under the Ministry of Steel. The company also tendered a 6 MW solar project under the DCR category on behalf of the Cement Corporation of India in Tandur, Telangana.
During the past one year, NTPC has tendered five wind projects of 50 MW each, which are to be developed across Gujrat, Andhra Pradesh, Karnataka and Madhya Pradesh. It issued a tender for a 3.5 MW wind-solar hybrid project to be located at its Kudgi Super Thermal Power Plant in Karnataka. NTPC, moreover, forayed into the solar thermal segment by awarding a contract for Asia’s first integrated solar thermal power plant to Thermax and concentrating solar power company Frenell.
During the year, NTPC also raised Rs 20 billion through the issue of green masala bonds in the overseas market under its $4 billion medium-term note programme. The bond was listed on the London Stock Exchange and the proceeds will be used for financing renewable energy projects in accordance with the applicable guidelines and regulations of the Reserve Bank of India. The five-year bonds have been issued at an annual interest rate of 7.37 per cent.

Orient Green Power Limited

Orient Green Power Limited (OGPL) is a subsidiary of the Chennai-based Shriram Group and was established in 2006 as an IPP in the wind and biomass energy segments. The company has a total wind capacity of 414 MW and biomass-based generation capacity of 106 MW in Tamil Nadu, Andhra Pradesh, Gujarat, Karnataka, Telangana, Rajasthan, Maharashtra and Madhya Pradesh.
The company is currently in the process of demerging its wind and biomass entities into two separate companies – OGPL (wind) and Biobijlee Green Power Limited (biomass). Following the demerger, OGPL will have an operating wind capacity of 425 MW with an additional 43 MW under construction.
Reportedly, it is in talks with IL&FS Wind Energy for a potential merger of the wind generation businesses of both entities. The merged entity will have 1.2 GW of operating wind capacity and will be by far the largest listed renewable energy company in India. However, IL&FS will have a larger stake as its wind energy generation capacity is higher.

Ostro Energy

The company has over 350 MW of wind and solar energy capacity, contracted or under active development, across Andhra Pradesh and Madhya Pradesh. In addition, Ostro recently won 250 MW of wind power capacity under SECI’s 1 GW wind tender. It currently has commissioned wind projects aggregating 234 MW in Rajasthan and Madhya Pradesh.
In November 2016, Ostro Energy and the Suzlon Group entered into a JV for the development and construction of a 50 MW solar project in Telangana. Ostro Energy will acquire 49 per cent stake in Prathamesh Solarfarms Private Limited, an special purpose vehicle (SPV) set up by Suzlon for the execution of this project.

Premier Solar Limited

Premier Solar manufactures a wide range of solar products such as PV modules, lanterns, street lighting systems, pumps and home lighting systems. It has been an active player in the Indian energy space since 1995.
In August 2017, Premier Solar set up a 200 MW automated solar module manufacturing facility in Sangareddy, Telangana, taking the total module manufacturing capacity of the facility to 375 MW. The unit also has a 50 MW solar cell manufacturing line. The company plans to expand the cell manufacturing line to 1 GW, with the first phase of 250 MW to be commissioned by September 2018.

PTC India

In May 2017, PTC India signed memorandums of agreement with the discoms of Uttar Pradesh, Bihar, Jharkhand, Delhi, Assam and Odisha for 1,050 MW of capacity allocated under the previous 1,000 MW wind tender. As per the agreements, these discoms will buy wind power from PTC to meet their renewable purchase obligations. According to the Ministry of New and Renewable Energy’s (MNRE) press release, Uttar Pradesh will buy 499.9 MW, Bihar 200 MW, Jharkhand 200 MW, Delhi 100 MW, and Assam and Odisha will buy 50 MW each.
In April 2017, PTC India’s subsidiary, PTC Energy Limited (PEL), commissioned five wind power projects aggregating 238.8 MW in Andhra Pradesh and Karnataka. Of the total capacity, 190 MW is located in Andhra Pradesh and 50 MW in Karnataka. PEL has PPAs spanning 25 years with the respective state discoms. Besides, it has a 30 MW wind power project at Ratlam and a 20 MW wind power project at Mandsaur in Madhya Pradesh.
PEL’s target is to develop 300 MW of renewable power capacity by March 2018 and it is well on track.

Punj Lloyd

In March 2017, Punj Lloyd and India Power Green Utility Private Limited (IPGUPL) partnered to develop a 20 MW solar plant in Uttarakhand. The project execution is planned in two phases of 10 MW each. In addition, IPGUPL had acquired a 49 per cent stake in PL Sunrays Power and PL Renewable, both wholly owned subsidiaries of Punj Lloyd.
In November 2016, Punj Lloyd sold its three solar projects with a cumulative capacity of 45 MW in Punjab and Rajasthan to IDFC Alternatives for around Rs 1 billion.

Rays Power Infra

Rays Power Infra began operations in 2011 as an EPC company and has commissioned multiple solar power projects over the past few years.
It commissioned a 5.75 MW solar PV project in Medak district of Telangana for Earth Solar on a turnkey basis. The project was executed within seven months of its inception at a remote location taking its solar portfolio in the state to 76 MW. In May 2017, it commissioned a 78 MW solar power project in Bhagwanpur, Uttarakhand, which allowed the local farmers to become stakeholders. More than 1,000 farmers will benefit from this project by receiving a regular monthly income. The company also commissioned a 9 MW solar power project in Tumkur district, Karnataka, in September 2017, as a part of the Karnataka Farmers Solar Programme. The project uses single-axis trackers with fixed tilt technology.

ReGen Powertech

l Wind energy converter developer ReGen Powertech was incorporated in 2006. It offers services such as turnkey solutions, wind resource assessment, project management, O&M and wind turbine testing.
In October 2017, the company won 250 MW of wind capacity at a tariff of Rs 2.80 per kWh in SECI’s 1,000 MW Tranche II wind auction. The company expects to win more such tenders as reverse bidding has revived the country’s wind power segment.

ReNew Power Ventures

Established in 2011, ReNew Power Ventures currently has an asset base of over $1.5 billion. The company has a wind and solar power portfolio of about 1,600 MW , of which 700 MW has been commissioned. In February 2016, Japan-based power company JERA, a JV between Tokyo Electric Power and Chubu Electric Power, acquired a 10 per cent stake in ReNew Power Ventures for $200 million. In addition, there have been reports of the company contemplating an IPO.
The company has been one of the key players in the wind and solar space. It has recently won 250 MW of wind power capacity under the second 1 GW tender released by SECI.
In the rooftop space, it was allocated projects aggregating 49 MW of capacity in SECI’s 500 MW rooftop tender. The company won bids for 5 MW of solar installations from IR across pan-Indian locations. This was the first set of allocations by IR to any company in the PPA mode.
ReNew Power has been actively raising funds domestically and internationally, to finance its current and upcoming renewable energy projects. In November 2016, the company raised Rs 5 billion through the issue of green bonds certified under the Climate Bonds Initiative, to finance its wind energy projects in Dhar and Ujjain districts of Madhya Pradesh. The five-year bonds have a face value of Rs 1 million each and have been rated A+ on a stand-alone basis. ReNew Power has announced a long-term debt financing of $390 million from ADB. The company will use the proceeds to develop and expand capacities in Andhra Pradesh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh and Telangana. The company has also raised equity worth $265 million from the Abu Dhabi Investment Authority, Goldman Sachs and the Global Environment Fund (GEF), taking the total funds raised to $655 million. In this round of funding, the Abu Dhabi Investment Authority has committed $200 million for a minority stake in ReNew Power, while existing investor Goldman Sachs has chipped in $50 million to raise its investment in the company to $370 million. Another existing investor, the GEF will be investing $15 million to increase its exposure to $35 million.

SB Energy

SB Energy, formed in June 2015, is a three-way JV between Bharti Enterprises Limited, the Foxconn Technology Group and the SoftBank Corporation.
In May 2017, SB Energy secured 400 MW of solar power capacity in two auctions that offered a total of 750 MW of capacity at the Bhadla Solar Park. The company bid the lowest-ever tariffs for solar power projects in India in both the auctions. It secured the right to develop 100 MW of capacity out of the 250 MW offered by Adani Enterprises at the Bhadla Solar Park by bidding Rs 2.63 per kWh. The company won the remaining 300 MW capacity from IL&FS at Rs 2.45 per kWh.
The company commissioned a 350 MW solar power project in Kurnool, Andhra Pradesh, under the MNRE’s solar park scheme on March 29, 2017.

Schneider Electric India

Schneider Electric’s presence in the solar segment has grown over 50 per cent in the past one year.
In February 2017, Schneider Electric India announced the powering of more than 2 GW of solar capacity in the country through its inverters, transformers and other medium voltage equipment. The company claims that of the country’s cumulative solar capacity of 10,000 MW, 20 per cent flows through Schneider Electric’s equipment.
The company plans to supply and commission equipment for another 500 MW of solar projects, taking its total to 2.5 GW.

Solar Energy Corporation of India

In October 2017, SECI announced the bid results of its 1 GW wind tender. The tariff dropped to a record low of Rs 2.64 per kWh. The winners are ReNew Power (250 MW at Rs 2.64 per kWh), Orange Sironj Wind Power (200 MW at Rs 2.64 per kWh), Inox Wind (250 MW at Rs 2.65 per kWh), Green Infra (250 MW at Rs 2.65 per kWh) and Adani Green Energy (50 MW at Rs 2.65 per kWh). BLP Energy, Sprng Energy, Hero Wind Energy and ReGen Powertech were amongst the other bidders that quoted tariffs between Rs 2.72 and Rs 2.80 per kWh. The new wind tariff was observed to be only 8 per cent higher than the lowest solar tariff of Rs 2.44 per kWh quoted for 500 MW at the Bhadla Solar Park.
In addition, SECI released a 200 MW solar EPC tender under the DCR category on behalf of Coal India Limited (CIL) for development at the Neemuch-Mandsaur Solar Park in Madhya Pradesh. It will comprise blocks of 100 MW each for Northern Coalfields Limited and South Eastern Coalfields Limited, subsidiaries of CIL. NTPC Limited and SECI have announced tenders for 230 MW of grid-connected solar projects under the DCR category. SECI also released an EPC tender for 5 MW of solar capacity in Ibrahimpatam, Telangana, on behalf of Bharat Dynamics Limited.
In September 2017, SECI gave a contract to Azure Power to develop 50 MW of rooftop solar power capacity on government buildings and institutions across 10 states and union territories at a tariff ranging from Rs 3.19 to Rs 3.97, depending on the location.
SECI cancelled 950 MW of solar capacity tendered at the Kadapa and Pavagada solar parks under NSM Phase II Batch IV in August 2017. The cancelled projects include 500 MW under the open category and 150 MW under the DCR category in the Kadapa Solar Park Tranche IV, 100 MW under the open category in the Kadapa Solar Park Tranche V and 200 MW at the Pavagada Solar Park Tranche VI. The cancelled tenders for the Kadapa Solar Park Tranche V and the Pavagada Solar Park Tranche VI included provisions for battery energy storage systems of 5 MW and 2.5 MWh rated capacity. The tenders were cancelled following the non-signing of PPAs with discoms due to falling solar tariffs. SECI plans to retender the capacity and is in negotiations with the states.
In the same month, SECI issued a 200 MW solar project tender on behalf of CIL for the Neemuch-Mandsaur Solar Park. The successful bidder will provide O&M services for a period of 10 years. In addition, SECI announced the bid results of its 500 MW rooftop auction. The lowest tariff was Rs 2.20 per kWh quoted by Mundra Solar PV Limited for an 11 MW project under the renewable energy service company (RESCO) model in the Andaman & Nicobar Islands (special category state). The final list of winners is yet to be released by SECI.
In July 2017, SECI issued a tender for an 8 MW (DC) grid-connected rooftop solar project on behalf of Banaras Hindu University, Varanasi. The project is planned to be developed for captive power consumption by the university. The successful bidder will provide O&M services for a period of five years.
In May 2017, the MNRE approved another 1,000 MW tender under its wind programme for which SECI will be the implementing agency and will sign 25-year PPAs with the developers. In addition, SECI received technical bids aggregating more than 8,500 MW for a tendered capacity of 750 MW at the Bhadla Solar Park. The tender, which was oversubscribed 12 times, had a benchmark price of Rs 3.15 per kWh and had been postponed repeatedly since November 2016.
In April 2017, SECI was appointed as one of the nodal agencies for the planning and development of a 50 MW solar power park proposed in Manipur.
In March 2017, SECI signed 25-year PPAs with Canadian Solar for 80 MW (AC) solar power projects in Maharashtra. Canadian Solar had bid for VGF support of Rs 1.99 million per MW for the projects, due to start operations by end-2017.
In February 2017, SECI released the results for the 750 MW Rewa Solar Park tender. Mahindra Renewables, Acme Solar Holdings and Solenergi Power bid record low tariffs of Rs 2.979 per kWh, Rs 2.97 per kWh and Rs 2.974 per kWh respectively to win contracts for building a 250 MW plant each. Under the awarded contracts, there will be a tariff escalation of Re 0.05 per annum for 15 years. Further, a levellised tariff of around Rs 3.30 per unit will be levied. A total of 20 national and international players had submitted their bids. The 750 MW park will be developed in three segments of 250 MW each and will be spread across 1,500 hectares of land in Gurh.
During the same period, SECI’s 1 GW tender for wind power projects was oversubscribed, with 13 developers submitting bids equivalent to 2.6 GW of capacity. Around 69 per cent (1,794 MW) of the bids were for Tamil Nadu, 27 per cent (700 MW) for Gujarat and the remaining (100 MW) for Karnataka.
In January 2017, SECI declared the results of its 100 MW solar tender for Andhra Pradesh. Adani Power and Azure Power won 50 MW of capacity each in the auction for projects to be set up in the Ananthapur Solar Park under the DCR category. Both Adani and Azure will develop the projects on a build-own-operate basis for SECI, which has signed a 25-year fixed PPA for this capacity at Rs 4.43 per kWh. The entire capacity is expected to be commissioned in 2017.
In December 2016, SECI declared the results for its 500 MW rooftop projects tender. Around 130 bidders participated in the bid, in which ReNew Power was allocated 49 MW of projects, the highest capacity allocated to any winner. Other notable winners included Amplus Solar with 14.5 MW, Hero Solar Energy with 13.2 MW and Germany’s Bosch with 10.4 MW. Amplus quoted the lowest winning tariff of Rs 3 per kWh for the projects it won in Uttarakhand, Himachal Pradesh and Puducherry. Of the 500 MW capacity, 400 MW was set aside for larger rooftop projects ranging from 25 kW to 500 kW, with the remaining 100 MW earmarked for rooftop projects with less than 25 kW of capacity.

Sembcorp Green Infra

Sembcorp Green Infra (SGI) has recently won a 250 MW project under SECI’s 1 GW tender.
In August 2017, Singapore-based Sembcorp Industries decided to acquire a 28 per cent stake in its Indian unit, Sembcorp Green Infra, from PE firm IDFC Alternatives for around Rs 14.1 billion. Following the acquisition, Sembcorp has become the sole owner of Sembcorp Green Infra. In February 2015, Sembcorp Industries acquired a 60 per cent stake in SGI for about Rs 10.6 billion, marking its entry into India’s renewable energy market. This was gradually increased to 72 per cent by mid-August 2017.
As of August 2017, the company had close to 1,200 MW of wind and solar power capacity in operation and under development.

Senvion

Senvion is a German wind turbine manufacturing company, which was formerly a subsidiary of Suzlon Energy.
In December 2016, Senvion secured its first contract in India from a leading IPP for supplying 220 units of WTGs with a cumulative capacity of 500 MW. The company will begin the supply and installation of turbines by end-2017. The first site is expected to be commissioned by end-2017.

Siemens Gamesa

In October 2017, Siemens Gamesa received an EPC contract for setting up a wind-solar hybrid energy project in Karnataka. The project involves the hybridisation of an existing 50 MW wind farm with a 28.8 MW solar power plant to be installed at the site.
Gamesa India announced that it won seven new orders totalling 278 MW in March 2017. According to the company, it will supply, install and commission turbines for all the seven projects that were scheduled for commissioning between March 2017 and October 2017.
During February 2017, Gamesa planned to invest Rs 175 billion in Andhra Pradesh to set up 2.5 GW of solar, wind and solar-wind hybrid power projects. Gamesa will be responsible for the construction, commissioning and O&M of these projects. Meanwhile, the company also launched a new wind blade manufacturing facility in Nellore, Andhra Pradesh.
In November 2016, Gamesa secured five orders for the supply of 304 MW of wind turbines. The company will supply, install and commission the turbines, as well as undertake O&M at all the facilities. The projects were to be commissioned during the first quarter of 2017.
In the same month, Gamesa secured a contract from ReNew Power for a 50 MW project at Amba, Madhya Pradesh. As per the contract, Gamesa was to supply 25 units of G114-2 MW T106 turbines and manage the entire infrastructure required for the installation and operation of the facility. Further, Atria Power awarded a 130 MW solar project to Gamesa to be commissioned in Karnataka and Andhra Pradesh. The company was to undertake design, EPC, commissioning and O&M of the project. This entailed supplying 96 units of the E-1.37 MW hybrid cooled solar inverters.

Solairedirect

Solairedirect, a subsidiary of France-based ENGIE, was established in February 2016.
In March 2017, Solairedirect raised Rs 6.75 billion from the Infrastructure Development Finance Company in a 70:30 debt-equity ratio to develop its solar project in Bhadla. The company was recently acquired by Actis Capital.
In December 2016, Solairedirect India signed an agreement with Ecoppia to deploy the latter’s automated cleaning solution in Solairedirect’s 168 MW section of the Bhadla Solar Park. With this, Solairedirect is expected to save over 1.5 billion litres of water and cut down on the production loss associated with the maintenance of panels.

Suzlon

In February 2017, Suzlon crossed the 10,000 MW wind capacity installation benchmark in India. According to the company, it has so far installed 35 per cent of the total wind power capacity across the country.
Over the past years, the company has entered into multiple JVs to expand its wind and solar energy business. In November 2016, the Suzlon Group announced a JV with the Unison Energy Group for the development and construction of a 15 MW solar PV project in Adilabad, Telangana. During the same period, the company entered into a JV with Ostro Energy for the development and construction of a 50 MW solar project in Telangana; and another JV with Canadian Solar for two solar projects of 15 MW each located at Ramannapet and Kamareddy in Telangana. The two solar power units are expected to be commissioned in 2017-18. In January 2017, Suzlon partnered with AMP Solar for developing a 15 MW solar power plant at Achampet in Telangana. According to the contract, AMP Solar will acquire 49 per cent stake in Rudra Solarfarms Limited, an SPV set up by Suzlon for executing this project.
In the wind segment, Suzlon has secured multiple EPC contracts. These include the 63 MW project from Tehri Hydro Development Corporation of India Limited in December 2016. The order comprised the installation of 30 units of the S97 120 metre hybrid tower turbines with a rated capacity of 2.1 MW each, located at Kandorna and Bhanwad in Dwarka, Gujarat. The project was commissioned in April 2017.
Suzlon also secured a contract for a 27.3 MW project in the Kuchhdi wind farm, Gujarat. Further, in May 2017, it won a contract from ReNew Power to supply WTGs aggregating 100.8 MW of capacity for the Limbwas wind project in Madhya Pradesh. Suzlon will install 48 units of its S111 120 metre WTGs with a capacity of 2.1 MW each. Reportedly, this is the fifth such contract that Suzlon has received from ReNew Power.
The company is developing three projects in Ananthapuram, Andhra Pradesh. These comprise a 50.4 MW project consisting of 24 units of S95 90 metre tubular tower with a rated capacity of 2.1 MW, a 226.8 MW project and a 105 MW project secured from Axis Energy for 50 units of its S111 90 metre tubular tower wind turbines with a rated capacity of 2.1 MW.
In January 2017, Suzlon was reportedly planning to raise Rs 8 billion from PE investors Asia Climate Partners and Olympus Capital Asia to create an independent renewable energy platform. Suzlon will use this platform to invest in and acquire new renewable energy projects. The company is targeting to bring 500-1,000 MW of assets on the platform.
In 2016, the company inaugurated its aerodynamic technology rotor blade manufacturing facility at Badnawar in Dhar district, Madhya Pradesh. The facility has an annual production capacity of 400 MW and is spread across 19 acres. It will manufacture rotor blades for its S111 2.1 MW turbine, with a blade length of 54.8 metres, designed to enhance wind generation, especially at low wind sites, decrease the cost of energy and increase the return on investment for customers.

Tata Power Renewable Energy Limited

Tata Power Renewable Energy Limited (TPREL) is a leading renewable energy developer, which has set an ambitious target for the growth of renewables in the coming years.
Industrial Energy Limited, a JV between Tata Power and Tata Steel, launched a solar microgrid project at Baliapal village in Kalinganagar, Odisha, in April 2017. The project will be managed by the village development committee comprising 20 people.
In March 2017, NTPC announced the commissioning of TPREL’s 65 MW solar project in Bhadla. During the same month, the company synchronised its 15 MW solar plant with the grid at Bellampalli in Telangana. The project was won under the 2 GW tender allocated by the Telangana government. With this, Tata Power’s total installed capacity has crossed 10,500 MW.
In January 2017, the company commissioned a 36 MW wind power project in Nimbagallu, Andhra Pradesh, and a 49 MW solar power project in Kathayar, Tamil Nadu. While the wind power project is a part of the 100 MW wind farm being developed by the company, the solar power project is a part of Welspun’s portfolio, which TPREL acquired in 2016. With the commissioning of these projects, TPREL’s total renewable energy capacity reached 1,876 MW. This includes 841 MW of wind, 915 MW of solar and 120 MW of waste heat recovery projects.
In November 2016, TPREL signed a PPA with SECI for a 100 MW solar project at the Ananthapuram Solar Park in Andhra Pradesh. The project was secured through bidding in the open category under the Jawaharlal Nehru National Solar Mission.

Ujaas Energy

In September 2017, Ujaas Energy was awarded 22.03 MW of grid-connected rooftop solar capacity across India under three different tenders. Of the total capacity, 20.03 MW was awarded by SECI to be developed on government buildings across the country while 1.5 MW was awarded by the West Bengal Renewable Energy Development Agency to be developed at various locations in West Bengal. The remaining 0.5 MW capacity was tendered through an EPC contract to develop rooftop solar projects for Oil India Limited. This project will be executed at the Oil India Pump Station in Jorhat, Assam.
In June 2017, Ujaas Energy won a contract to develop a 15 MW solar AC ground-mounted EPC project for HAL on HAL’s Ojhar township premises in Nashik, Maharashtra.

Vikram Solar

In September 2017, Vikram Solar commissioned two projects of 40 MW each at the Charanka Solar Park for Gujarat Industries Power Company Limited. These projects have been developed under the Gujarat Solar Park Projects, NSM Phase II Batch IV Tranche I. SECI provided the VGF for these projects. The company will also provide O&M services for 10 years.
In May 2017, the company commissioned a 10 MW solar project in Chittoor, Andhra Pradesh, for Tirumala Tirupati Devasthanams. During the same time, Vikram Solar commissioned two 10 MW solar projects for Jindal Aluminium in Karnataka. The projects are connected to the Mayakonda substation. One of the 10 MW projects is a part of the Karnataka government’s initiative to develop 1,200 MW of solar projects across 60 talukas. Another 10 MW project has been developed under the Karnataka IPP programme.
In March 2017, the company commissioned two projects of 65 MW capacity each at the Bhadla Solar Park.

Virtuaal Infrapower Private Limited

Virtuaal Infrapower Private Limited has been involved in the renewable energy business with a focus on small hydroelectric projects. The company is a part of the Virtuaal Group, which was founded in 1988.
In December 2016, Virtuaal Infrapower entered into an agreement with Singapore-based InfraCo Asia Private Limited to raise $5 million for funding two small-scale projects in Arunachal Pradesh. The funds are being raised through two compulsory convertible debenture facilities of up to $1.8 million and $3.2 million to facilitate the development of these projects and thereby strengthen electricity supply in the Northeast.

Vivaan Solar

Founded in 2012, Vivaan Solar is an EPC company and a subsidiary of the Bianco Group.
In June 2017, Vivaan Solar won bids to develop 500 kW of rooftop solar projects at the Rail Spring Factory in Gwalior, Madhya Pradesh. The project was tendered on a design-build-finance-operate-transfer basis. The company won the bid quoting the lowest tariff of Rs 5.74 per kW. This is the fourth time that Vivaan has won a rooftop solar project from IR, the others being in Delhi-NCR, Bengaluru and Jhansi.

Zynergy Solar Projects and Services

Zynergy Solar Projects and Services is a vertically integrated solar services company founded in 2011.
In April 2017, the company announced its plans to set up a solar module and solar cell manufacturing unit in Nellore, Andhra Pradesh. The state government had extended several concessions under the Andhra Pradesh Electronic Policy to the company.